CK Asset Holdings Limited

1CK.F · Real Estate · Real Estate - Development · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

25.49B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

27.90B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

52.55B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

35.31B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

19.81B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.78×

the ratio the screener ranks by

Margin of Safety

+43.9%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 25.49B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)22.44B USD
+②Net Cash Today2.44B USD
+③Growth Value608.25M USD
=Value25.49B USD

EPV of the Operations (NOPAT over WACC)

22.44B USD

Net cash today

+2.44B USD

Growth Value

+608.25M USD

Value

25.49B USD

①EPV (Earnings Power Value)

22.44B USD

②Net Cash Today

2.44B USD

③Growth Value

608.25M USD

Market value

Market Cap19.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+22.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 27.90B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE8.93B USD
+②Equity at Year 15, Today18.97B USD
=Value27.90B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

8.93B USD

②Equity at Year 15, Today

18.97B USD

Market value

Market Cap19.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+29.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 52.55B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 52.55B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap19.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+62.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.85%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.59×Market Risk Premium 6.00%= 8.03%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 443.46M USDPretax Income 1.87B USD= 23.68%

The tax the interest saves.

Interest Expense =EBIT 2,123.02M USD−Pretax Income 1,872.53M USD= 250.49M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 250.49M USDTotal Debt 6.19B USD×(1 − Tax Rate for WACC 23.68%)= 3.09%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 6.19B USDMarket Cap + Total Debt 19.81B USD + 6.19B USD= 23.82%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 76.18%×Cost of Equity 8.03%+Debt Weight 23.82%×Cost of Debt 3.09%= 6.85%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 63.69B USD − Total Liabilities 11.13B USD = Book Value Today 52.55B USD

Total Debt 6.19B USD − Cash and Short-Term Investments 8.63B USD = Net Debt Today -2.44B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-1.4%at most 5%passes3,499,778,333 / 3,548,684,333
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.5%at least -10.0%passes(2.40B USD − 1.43B USD) ÷ 63.69B USD
Price to bookMarket Cap ÷ Book Value Today0.38×at most 3×passes19.81B USD ÷ 52.55B USD
Operating marginOperating Income ÷ Revenue18.4%above 10.0%passes1.37B USD ÷ 7.45B USD
Revenue growthRevenue ÷ Revenue a Year Before − 127.0%above 10.0%passes7.45B USD / 5.87B USD
Net cash(Cash − Total Debt) ÷ Market Cap11.1%above -30%passes(8.39B USD − 6.19B USD) ÷ 19.81B USD
Operating efficiencyOperating Income ÷ Gross Profit41.7%above 25.0%passes1.37B USD ÷ 3.29B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

5.06 EUR

Enterprise value

2.74B EUR

the provider's own figure

EV / EBITDA

0.23×

Price / book

0.39×

the provider's book

Price / earnings

12.01×

Return on equity

3.1%

the provider's figure, not this page's

Profit margin

18.6%

Revenue growth

58.8%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

7.24B6.05B5.87B7.45B

Gross profit

3.81B3.22B3.08B3.29B

Operating income

2.21B1.53B1.30B1.37B

EBITDA

operating income before depreciation and amortisation

3.33B3.05B2.42B2.41B

Pretax income

2.91B2.60B1.91B1.87B

Net income

2.82B2.26B1.80B1.43B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

2.61B2.60B1.89B1.41B

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

66.12B65.21B64.70B65.55B

Total liabilities

15.55B14.02B13.10B12.97B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

49.77B50.46B51.01B52.02B

Total debt

6.95B7.78B7.43B7.28B

Cash and equivalents

7.86B5.44B4.65B5.37B

Net PP&E

fixed assets after depreciation

9.02B9.36B9.05B9.37B

Working capital

current assets less current liabilities

19.89B16.74B17.35B17.37B
Cash flow (USD)2022202320242025

Operating cash flow

844.27M48.44M1.53B2.40B

Capital expenditure

paid out, so below zero

-315.93M-307.92M-293.46M-317.51M

Depreciation and amortisation

262.63M246.92M248.33M282.91M

Free cash flow

operating cash flow plus capital expenditure

528.34M-259.48M1.24B2.08B